Bengaluru-based Fintech Startup: Stockal raises $9 Mn in Series-A funding round in order to enter South East Asian Markets
- ByStartupStory | April 15, 2022
Stockal, the Bengaluru-based investment platform, has raised $9 Mn as a part of its Series-A funding round. Investors including Hashed, Trica, 7Square, PEAK6, ARC Group Ventures, Czar Capital, AZ Ventures and Riso Capital also participated in the round.
For international expansion plans as Stockal is planning to foray into the South East Asian markets, the fresh capitals will be used.
Stockal, founded in 2016 by Sitashwa Srivastava and Vinay Bharathwaj, helps retail investors make cross-border investments. Stocks and ETFs, stacks and cash management are its product offerings included in it. To digitally open and operate overseas investing accounts investors are helped by it. In making decisions about investments it also utilises bid data that helps investors.
Over the last 18 months, Stockal claims to have processed over $750 Mn worth of international investing transactions. With an office in Dubai and partnerships in UAE, Oman and Bahrain, it expanded into MENA in 2021
Stockal in 2021 closed a $4 Mn Pre-Series A round from HDFC Bank and HDFC Securities, July Ventures, ScaleX Partners, Aroa Ventures, Cadenza Capital, among others. In 2015, before that, an undisclosed amount was raised by it in angel funding from Helion Ventures’s R Natarajan and Copal Amba’s Mohan Alexander.
Some of its competitors are Scripbox, Interactive Brokers, Vested Finance, and DriveWealth.
Silicon Valley and Mumbai-based investment startup Vested Finance raised $12 Mn in a Series-A funding round led by Ayon Capital, in April 2022. The funding round also saw participation from existing investors Tenoneten, IPV, Ovo Fund, Wedbush Ventures, and Upscale.
Along with content creators Akshat Shrivastava, Dhruv Rathee, Shashank Udupa, Mukul Malik, Sharan Hedge, and others, Vested Finance also saw the participation of new investors including 9Unicorns, angel investors Ankur Warikoo, Saumil Parekh, and Dhruvil Sanghvi.
After raising $25 Mn at a valuation of $3 Bn in the ongoing funding round led by existing investor Tiger Global, Upstox in November 2021 entered the unicorn club
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